Originally, I coined the term “rightsize” to replace “downsize” – but as condominiums have become the residential choice of buyers of all ages, rightsize applies across the board. It simply means selecting the home style that accommodates your current needs best as you go through various life stages. This includes renters who are poised to purchase their first home. For them, rightsizing may mean going up or down in the square footage they are used to.
The key is getting into homeownership while our low mortgage interest rates make it possible. They understand the long-term value of owning real estate, historically one of the best financial investments anyone can make. And as new low-rise home prices skyrocket out of the financial reach of first-time buyers, they turn to more affordable condos. As an added bonus, most condos are located steps to public transportation, so owning a vehicle is an option rather than a necessity.
Once first-time buyers get more established in life, children often enter the picture. To raise a family, owners usually move up, which is another form of rightsizing. Today’s condominiums offer families a wonderful lifestyle, with security measures, beautiful amenities and proximity to local schools, shops, restaurants, entertainment and cultural venues. With building maintenance taken care of, parents can spend more quality time with their children enjoying all of these niceties.
Once the kids are grown and gone, parents may choose to rightsize again to less square footage in a building with added sumptuousness. Their suite might even be above a luxury hotel. Traveling is a breeze for condo owners, who can simply close the door and leave without concerns about exterior maintenance and security.
One thing all of these buyers have in common is the knowledge that their condominium suites in the Greater Toronto Area are bound to increase in value over time.